FDIC Insurance for Retirement Accounts Increased to $250,000 Higher coverage takes effect April 1; Basic insurance limit for other accounts stays at $100,000
FOR IMMEDIATE RELEASE March 14, 2006 Media Contact: David Barr (202) 898-6992 dbarr@fdic.gov
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved final rules that will raise the deposit insurance coverage on certain retirement accounts at a bank or savings institution to $250,000 from $100,000. The increase, the result of a new law boosting federal deposit insurance coverage for the first time in more than 25 years, will become effective on April 1. The basic insurance coverage for other deposit accounts, however, will remain at $100,000.
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